POET Technologies (NASDAQ:POET) Shares Gap Up - Here's What Happened

Key Points

• POET gapped up before the open from $6.33 to $6.66 and was last trading at $6.92 on volume of 1,230,318 shares.
• Analysts hold a consensus "Sell" rating with a consensus target of $8.00, though Wall Street Zen recently upgraded the stock to a "hold" while Weiss Ratings reiterated a "sell."
• Fundamentals remain weak: POET reported a ($0.11) EPS that missed estimates, revenue of $0.30M versus $0.55M expected, very negative margins and ROE, a market cap of about $910M, and only 1.99% institutional ownership.

POET Technologies Inc. (NASDAQ:POET - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $6.33, but opened at $6.66. POET Technologies shares last traded at $6.92, with a volume of 1,230,318 shares.

Analysts Set New Price Targets

Several equities analysts have issued reports on POET shares. Wall Street Zen raised POET Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, November 16th. Northland Securities set a $8.00 price objective on shares of POET Technologies in a research note on Wednesday, December 3rd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of POET Technologies in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of "Sell" and a consensus target price of $8.00.

POET Technologies Stock Performance

The business has a fifty day moving average of $5.91 and a 200-day moving average of $5.88. The company has a market capitalization of $909.74 million, a P/E ratio of -9.39 and a beta of 0.31.

POET Technologies (NASDAQ:POET - Get Free Report) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). POET Technologies had a negative net margin of 6,625.16% and a negative return on equity of 103.46%. The business had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.55 million. Sell-side analysts anticipate that POET Technologies Inc. will post -0.45 EPS for the current year.

Hedge Funds Weigh In On POET Technologies

Large investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new stake in POET Technologies during the 3rd quarter worth approximately $25,000. New Millennium Group LLC bought a new position in shares of POET Technologies in the third quarter valued at approximately $27,000. CoreCap Advisors LLC boosted its position in shares of POET Technologies by 1,967.2% during the third quarter. CoreCap Advisors LLC now owns 5,168 shares of the company's stock valued at $29,000 after buying an additional 4,918 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in POET Technologies by 95.3% during the third quarter. SBI Securities Co. Ltd. now owns 8,487 shares of the company's stock worth $47,000 after buying an additional 4,142 shares in the last quarter. Finally, Coldstream Capital Management Inc. purchased a new stake in POET Technologies in the 3rd quarter valued at $55,000. Institutional investors own 1.99% of the company's stock.

About POET Technologies

POET Technologies Inc is a Canadian fabless semiconductor company focused on the development and commercialization of integrated silicon photonics platforms. Leveraging proprietary POET Optical Interposer™ technology, the company designs and manufactures optical input/output (I/O) solutions that enable high-bandwidth, low-power data transmission between electronic chips and fiber-optic networks. By integrating optical waveguides, lasers, detectors and electronic drivers onto a single chip, POET aims to address the growing demand for faster, more energy-efficient data connectivity in telecommunications, data centers and high-performance computing applications.

The company’s core products include silicon photonics interposer arrays, active optical cables and optical transceiver modules.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.